Bishop Avenue Underwriters, owned by RedBird Capital Companions, has forayed into industrial traces with the acquisition of Conifer Insurance coverage Companies.
Monetary phrases of the transaction, which expands Bishop Avenue’s multiline MGA platform, weren’t disclosed.
Conifer, a specialty industrial MGA, operates a portfolio of three programmes throughout a number of specialty traces of enterprise together with small and medium-sized enterprises, hospitality and auto sellers.
Its infrastructure is predicted to supply Bishop Avenue a progress alternative, enabling additional scale by geographic enlargement, new product improvement and add-on acquisition synergies.
Established in 2023, US-based Bishop Avenue goals to associate with MGAs and area of interest underwriting groups, combining their imaginative and prescient with RedBird’s experience within the monetary providers sector to construct a differentiated platform.
Bishop Avenue CEO Chad Levine stated: “We’re excited so as to add Conifer to the Bishop Avenue platform as a part of our strategic enlargement. Conifer has transitioned to a specialty MGA during the last 12 months, and this strategic provider carve-out will function a powerful basis that checks many containers as our first industrial platform acquisition.”
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Conifer Insurance coverage Companies CEO Nick Petcoff stated: “Conifer’s 70+ colleagues are excited to hitch Bishop Avenue’s platform and faucet into the experience of their skilled crew. With their robust backing of strategic companions and capital sources, we’re assured we will proceed to exceed consumer expectations by delivering extremely tailor-made insurance coverage options and distinctive service.
“We’re already working with Bishop Avenue to construct in new underwriting know-how capabilities in addition to develop distribution and capability for brand spanking new programmes and acquisitions we’ve on our radar.”
Earlier this week, Bishop Avenue fashioned a three way partnership (JV) with Skyward Specialty Insurance coverage Group.
This JV goals to set to hurry up Bishop Avenue’s potential to strengthen MGAs and assist programme enlargement, new product launches and underwriting crew lift-outs with most popular admitted and extra and surplus capability.
In March, Bishop Avenue additionally arrange a JV with Topsail Reinsurance (Topsail Re).
As per the settlement, Topsail Re will co-invest in Bishop Avenue, driving worth for MGAs and programme directors inside the Bishop Avenue ecosystem by offering most popular capability and entry to Topsail Re’s underwriting and administrative experience.
This funding will even assist in fostering new main, fronting and reinsurance provider relationships for programme enlargement and new launches.
